Wednesday June 30, 2010 - 16:02:34 GMT
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Chart of the Day - 6/30/2010 β USD/JPY
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)
6/30/2010 β USD/JPY β Price action on USD/JPY, a 4-hour chart of which is shown, has recently been entrenched within an accelerated downtrend. Within this downtrend, after price broke down below key support in the 89.00 price region earlier this week, this currency pair has since consolidated in a slightly bullish, flag-like corrective pattern. A key event to watch for, from a bearish trend-trading perspective, would be a breakdown below this patternβs short-term support uptrend. If indeed this support is broken, a key downside support target resides in the important 88.00 price region. And in the event of a breakdown below 88.00, a further downside support target resides in the 87.00 price region.
James Chen, CMT
Chief Technical Strategist
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